3 Things You Need To Start A Business

I hope that it is evident that I am starting a business here. There are 3 things that you need to start a business. These are something to offer, a way to tell people, and a way to pay.

Something To Offer

To start you need something that you can offer to people. Are you solving a problem(painkiller), or making life better(vitamin.) What job are you helping people get done? What offer is extended to a specific group of people? There is only a small group of people who need what you have. Think about a grocery store their shelves are full of what they have to offer. But when you are shopping, you only take a tiny part of what is offered. You may have an array of products or services that you are providing, but you must be clear on what people will get in exchange for the money that they are giving.
You might notice that FortyFour-Three doesn’t have a clear offering. (Except for a course that was a market test.) In short, this means that FortyFour-Three is missing one of the critical elements of being a business. There are a couple of reasons for this, which I will outline in a future blog post.

A Way To Tell People

There is an infinite number of ways to tell people about your offer. The work to do is to figure out how you are connecting with the people who are most interested in your offer. Doing mass marketing isn’t the answer anymore. You have to select a specific group of people who want your offer, and then work to talk directly to those people. Your business is about having a conversation with people. In that conversation, you will speak to the people who need what you have, but you don’t need to spend time with people who don’t need what you have.

A Way To Pay

The purpose of a business is to give you something that you value for money. If you don’t have a way to make this exchange, then there is no business. It used to be that an invoice and cheque would be good enough. If you are in a grocery store, the checkout lines make it easy and obvious about how you are going to pay. Customers need an easy way to trade what they have for what they want. In an online business, this can be as easy as setting up a PayPal or Stripe account to connect with your site.

If you have the three key elements: an offer, a way to tell people, and a way to pay, you have a business. Whether it is a lemonade stand, grocery store, or billion-dollar company, these elements need to be in place for every business.

[I was looking for a reference that I had in mind for some of this thinking, but I couldn’t find it. If these ideas originate with you, let me know, and I will give you credit and a link. Here are a couple of other resources that I did find about this topic.]

How to start your own business (in 5 steps) – See excuse #6

The Complete, 12-Step Guide to Starting a Business